Village Delivery Company purchased a lot to construct a new warehouse for $265,000, paying $33,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,460, delinquent taxes assumed were $10,400, and fees pald to remove an old buliding from the land were $17,500. Materials salvaged from the demolition of the bullding were sold for $4,500. A contractor was paid $905,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet